Isaiah is going to invest $94,000 and leave it in an account for 16 years. Assuming the interest is compounded daily, what inter
1 answer:
You might be interested in
Solution
For this case we can use the following formula:
Where:
P= 400800 = present value
A= future value
r= 0.055 interest rate
n= 4, number of times that the interest is compund in a year (quarterly)
t= 4 years
Replacing we got:
then the interest would be: